Los Angeles daily herald., 1887-08-06
SORRY SPECULATION.
An Exhaustive Article by
r. G. Dun & Co.
ON THE WHEAT MARKET RING.
"a, 100000 Bushels COrnered with
Disastrous Results to the
Operators.

iZioScN NfSttu ltss LiNbtttlto W tht ItClblu. !
New YORK, August 5.--R. G. Dun
& Co. in their weekly report of trade
say that the collapse Of. the California
wheat ring teaches tho old lesson that
every body is stronger than anybody
and not even bonanza wealth can with
impunity defy the laws 81 trade. The
effect in tho Atlantic markets through
the change in railroad end telegraph
operations cannot yet be anticipated.
In San Francisco the results are hid
den, the Boari having susnended as
well as the pool, but losses Of $6, ,0OO,-
900 or $7,0Oc2O0 will fall severely
THE QUANgTrY CoRNEREDs.
The wheat held by the ring, said
to be 5000, 900 bushels in California,
1000, 900 on sea, and $500 900 in I.iv-
erpool, hangs over the market, threat
ening continued. depression abroad
and here. The average cost to the ring
is said to be more than wheat brings
now in New York. Final official state |
ments show 1881 ,022 bushels to be
the net exports for the year, but of |
this quantity $500, 600 bushels owned
by California men abroad, is still as
much in the way as if it had not been |
shipped. A slow movement for some I
time to come seems to be probable,
which NAV help the money market to /
some extent
EFFECT ON THE EXCHANGE.
Stocks tumbled again, but have re-
covered o. little. On Saturday they
81 per cent Per share lower
than July and two and three lower
than in January, and were trifie
lower than two years ago, but to-day
the market was stronger owing to the
absence of investors, the absorption of
capital elsewhere, and the fear of the
of the recent failures in
the railroaa negotiations and wheat
operations.
RESULTS OF THE DEAL.
In brief, the late speculations have
blocked the wheels of
trade in many branches, and absorbed
or locked up vast sums of money |
which will be wanted during the fall.
But for their pernicious influence the
outlook would be far more encourag-
ing.
HARD ON THE RAILROAD.
The railroads are pressed by the |
lowest lake rates of the year, which is
three cents for wheat from Chicago to |
Buffalo In June he canal moved to |
New York Z 400, 900 bushels against |
6 ,O0O, ZOO by the trunk lines, but the |
main fact is that the money has found
other uses.,.
CROP REPORT.
The crops are not favorably reported
in Michigan and Georgia, and har-
vesting in the Northwest shows dis
appointing results according to st.
Paul advices, but elsewhere the ac-
are excellent. The season is
one of comparative inactivity in trade,
but of preparation for the future and
the great confidence felt recently is in
some quarters less strongly mani
tested.
SHIPMENTS OF MONEY.
At the East heavy shipments of
to the West and large engage
ments for the future attract attention.
Boston has put $45 100000 into new
and pledged $50, 900 900
more. A similar though smaller drain
is felt at Philadelphia and Baltimore.
The Treasury has taken from the mar
ket during the week SAC, 900, 900 in
gold, with substantially no change in
silver and legaltenders The advance
in rates by the Bank of England,
though explained by the South Amer
lean shipment, was doubtless
calculated to arrest any movement to
this country, but the recent exports
are not large, the shipments from
New York for the fave weeks being 7
per cent. below those Of last year,
with 8 per cent. increase in the
imports.
BUSINESS FAILURES.
The business failures for the week |
for the United States, 1853;
for Canada, 20; total, 1873, compared
with 1S4 last week, and 154 for the |
week of last year.